Denton Group Health Insurance & Employee Benefit Plans

The city of Denton in Texas has seen rapid growth over the years. This city was once the seventh fastest growing city in the country and is often characterized as a college town with the growth of universities and educational services playing a major role in its economy. The vibrant and growing community offers many opportunities no matter your passion or interest. Employers in this city are keen on tapping into the diverse labor force by using employee benefits strategically to attract and keep employees.

Group Health Insurance and Employee Benefits

The results from Towers Watson’s Global Benefit Attitudes Survey reveal that employees’ feelings towards their retirement and health benefits has a correlation with their choice of employment, engagement and commitment. Job seekers are attracted to employers who offer group health insurance and employee benefits while shying away from those who do not. Consequently, when employees find a benefits program that meets their needs, employers can be sure to enjoy significant competitive advantage when it comes to employee attraction and retention.

Denton TX Large Group Health Insurance Plans

The Affordable Care Act (ACA) requires companies that employ fifty or more workers to provide affordable health insurance to their employees. To meet the affordability standard, the subscriber’s share of the premium must not exceed 9.12 percent of their income (in 2023). However, the rule does not apply to the cost for dependents.

The coverage must also satisfy specific coverage standards. The two indicators are:

1. The plan will pay at least 60 percent of the total expected cost of medical services for a “standard” workforce population, and
2. The benefits include substantial coverage of inpatient hospital and doctors’ professional services.

Finally, every plan must cover the ten designated “essential benefits” outlined by the ACA:

1. Ambulatory patient services (outpatient care)
2. Emergency services
3. Hospitalization, including surgical and medical
4. Maternity and newborn care, including delivery
5. Mental health and substance use disorder services
6. Prescription drugs
7. Rehabilitative services and devices
8. Laboratory services
9. Preventative and wellness services, including chronic disease management
10. Pediatric services, including dental and vision care for children under the age of 19

Denton, TX Small Business Health Insurance Plans

Small companies may be reluctant to offer health insurance for their workers since the ACA doesn’t require it. Another reason for avoiding responsibility is the significant expense. With health insurance prices high and rising, businesses that aren’t subject to the ACA mandate may not be comfortable taking on the risk. One option for these companies is to offer an ICHRA (individual coverage health reimbursement arrangement) instead. With an ICHRA, the employee can use pre-tax funds to buy insurance coverage. Each employee selects and obtains their own coverage, which they can get from the Texas marketplace or a broker.

The insurance each employee buys must meet ACA standards regarding coverage (essential benefits). Also, the employer can’t offer health insurance plus an ICHRA. Finally, if a business provides an ICHRA, it must be available for every employee—not just specific groups within the company. Still, if all employees are treated equally, the company can decide how much to contribute. Even better, the company can decide each year whether to contribute to the funds.

Denton TX Employee Benefit Plans and Employee Benefit Packages

Employee benefits plans supplement wages to create a compensation package for workers. Some companies have robust benefits, while others offer little or no perks. Employees typically prioritize these benefits:

• Paid time off (vacation, holiday, and sick leave)
• Family leave
• Retirement support
• Health Insurance
• Dental and vision insurance
• Flexible working schedules
• Childcare support
• Tuition reimbursement

Companies may include some or all of these benefits. Big companies may offer more, but some small businesses strive to equal the options that large organizations can provide.